Weekly mortgage applications rise as buyer’s market takes hold

Prospective buyers with their real estate agent survey the kitchen of a new home.

Matthew Staver | Bloomberg | Getty Images

Homebuyers are taking advantage of lower mortgage rates and a slow summer for sellers, and that is driving mortgage applications higher. Total mortgage application volume rose 2.0 % last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 69% higher than the same week one year ago, when interest rates were much higher. The week’s results included an adjustment for the Labor Day holiday.